MetLife to Pay $50 Million to N.Y. Regulator

Fine to Settle Investigation Into International Life-Insurance Arm

By

Leslie Scism

Updated March 31, 2014 4:48 p.m. ET

MetLife Inc. was hit with the largest New York state fine against an insurer—$50 million—to settle allegations that its international operations sold insurance in the state to multinational companies without proper licensing.

In addition to the record fine by the New York Department of Financial Services, MetLife—the biggest U.S. life insurer by assets-also agreed to pay $10 million to avoid possible prosecution by the New York County District Attorney. In that case, the insurer signed a deferred prosecution agreement, a...